Lloyd's opens Lab for InsurTech startups
Written by Peter Walker
Lloyd’s Lab, the global insurance market’s new innovation accelerator, opened its doors this week following a search for technology talent that drew more than 200 applications from 36 countries.
Start-ups, entrepreneurs and businesses from as far afield as the US, Canada, Israel, the Netherlands, Ireland and the UK, presented ideas ranging from live-streaming drones for fast risk and disaster assessment, to harnessing the Internet of Things for live cargo tracking.
Following the competitive application and pitching process, Lloyd’s revealed the teams that will be offered a spot in the founding cohort, kicking off on 8 October. These include:
• Layr: an AI powered insurance platform providing faster access for small businesses buying liability insurance.
• CargoSnap: a mobile transportation inspection app connected to a powerful online platform to collect, analyse, and share information in the supply chain, speeding up claims.
• DropIn: an on-demand live video streaming platform to streamline insurance inspections and catastrophe response assessment using mobile phones and drones.
• Insurercore: a digital-based risk appetite directory for those seeking to place and write risks quickly and conveniently.
• BelMead Tech: a claims support platform using blockchain to improve the insured’s claim journey whilst also improving efficiencies for the claim handling team.
• Parsyl: a supply chain data platform that combines low-cost sensing hardware and large scale data mining to allow insurers to better anticipate risk and improve the claims process.
• Geollect: proprietary intelligence software for businesses to improve efficiencies, safety and security.
• ZASTI: an AI technology platform built using proprietary deep learning algorithms to provide predictive and diagnostic solutions to solve multiple business problems.
• Qnity: a digital insurance that allows individuals to design their own insurance solutions.
• iCede: a cloud-based platform that enables large insurance companies to interact across borders in order to arrange insurance cover for multinational corporations.
The teams joining the Lab will gain access to the world’s largest market for specialist insurance and reinsurance, in support of its digital evolution. This tech talent will help deliver innovative solutions to some of the key challenges the Lloyd’s market faces.
Over the 10 weeks, the selected teams will have access to a dynamic co-working space located in the Lloyd’s building in London, potential funding and the chance to develop products, platforms and processes.
John Glen, economic secretary to the Treasury, noted that there was $724 million of InsurTech investment globally in the first quarter of 2018 and the UK attracted 12 per cent of that funding, placing it second only behind the US.
“We’re doing everything we can to maintain this momentum and cultivate innovation in the sector, but ultimately, it is down to firms like Lloyd’s to take the lead, and that’s exactly what they’re doing with their Lab.”
Inga Beale, Lloyd’s chief executive, added: “Lloyd’s has always been at the forefront of innovation - the launch of our new innovation accelerator is an important step forward into our technology-driven future and we’re excited to see how the ideas develop.”
The 330-year old market and has been supported by corporate innovation specialist L Marks and The Boston Consulting Group.
Applications for the second Lloyd’s Lab cohort will open later this year, for an early 2019 start.